McKnight Foundation

Millions of affordable housing units are flying under the radar

Oscar Perry Abello reported this story for Next City on June 7, 2017. In times like the Great Recession, when the economy grinds to a halt, entrepreneurs like Michael Altheimer can’t help but start thinking: What if? “Before the crash, we were doing mostly for-sale housing, but during the crash, we started learning about underwriting rental… Read more

Rachel Robinson and Warren Hanson

Bremer, Western, and Sunrise Banks join $25 million affordable housing fund

Jim Buchta of the Star Tribune reported on June 6, 2017 that GMHF announced the identities of seven public and private investors that have raised more than $25 million to acquire and preserve 1,000 unsubsidized, affordable rental units in the Twin Cities over the next couple years. The formation of the NOAH Impact Fund, which was… Read more

NEWS RELEASE: New $25M Fund officially launched, investors named

Warren Hanson, president & CEO of the Greater Minnesota Housing Fund, announced today that it has officially launched the $25 million NOAH Impact Fund, a new impact investment fund designed to acquire 1,000 units of rental housing and maintain affordable rents for 15 years. Older Class B and Class C unsubsidized, private rental housing serves… Read more

Groups hope $25M fund will preserve lower-priced rentals in Twin Cities

Neal St. Anthony reported in his Sunday column in the Star Tribune that the NOAH Impact Fund will officially launch on Tuesday, June 6. The Greater Minnesota Housing Fund, which helps finance affordable housing for the swelling ranks of the working poor, will announce Tuesday a $25 million fund that is expected to acquire up… Read more

Fund aims to curb rising rents in Twin Cities

Article by Hank Long in Finance & Commerce. Last July when CommonBond Communities paid $16.3 million for the 112-unit Boulder Ridge apartments in Apple Valley, it marked the nonprofit housing provider’s entry into the market-rate multifamily category. The St. Paul-based organization — which owns and operates more than 100 properties offering affordable housing in Minnesota… Read more

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